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WTI crude is trading at 66.41, its highest level since last August, as price tests the upper boundary of the equilibrium zone between 65.72 and 66.84. A sustained hold above this area would support a broader recovery and open the door toward the primary bearish order block between 68.45 and 70.51, aligned with the 1.272 Fibonacci level. Failure to break higher, however, may trigger a pullback toward the upper bullish order block at 58.53–60.51, with deeper support resting near 55.76–57.17.
Technically, on the daily timeframe, oil is trading at 66.41, the highest level from last August.
The price is currently testing the upper bound of the Equilibrium zone between 65.72 and 66.84, seeking a sustained recovery and a return to relatively higher levels following the recent bullish drive from the yearly lows.
WTI is at a technical inflection point, where a confirmed breakout above equilibrium could accelerate upside momentum, while rejection keeps corrective risks firmly in play.
On the upside, attention remains focused on the primary bearish order block (-OB) between 68.45 and 70.51, which lies directly above the current trading range and coincides with the 1.272 Fibonacci level at 69.61. A recap of this area could shift the focus to the higher bearish order block (-OB) at 77.26.
Conversely, if sellers defend the equilibrium, oil is expected to retreat back to the upper bullish order block (+OB) zone between 58.53 and 60.51. The support floor remains the lower bullish order block (+OB) zone between 55.76 and 57.17, which aligns with the 0.236 Fibonacci level at 57.69.
(Chart powered by TradingView. Charts are for educational and illustrative purposes only and may differ from live trading prices on our platform.)
Disclaimer: The chart reflects the analyst's opinion and does not constitute investment advice. Past performance is no guarantee of future returns. Seek independent advice before making decisions.
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Samer Hasn
FX Analyst
Samer has a Bachelor Degree in economics with the specialization of banking and insurance. He is a senior market analyst at XS.com and focuses his research on currency, bond and cryptocurrency markets. He also prepares detailed written educational lessons related to various asset classes and trading strategies.
This written/visual material is comprised of personal opinions and ideas and may not reflect those of the Company. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. XS, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same. Our platform may not offer all the products or services mentioned.
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